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Judge gives final OK to GM's $33.3B bankruptcy financing

NEW YORK — A bankruptcy judge ruled General Motors can have access to its full $33.3 billion in bankruptcy financing.

Judge Robert Gerber gave final approval to the financing today. He had given preliminary approval to GM using $15 billion of the total at a hearing earlier this month.

The billions in U.S. and Canadian government financing is intended to keep the Detroit-based automaker going until it can sell its assets to a new company and emerge from Chapter 11.

Also at today's hearing, Gerber denied a request from an unofficial committee of people with asbestos-related claims against the company to appoint a "Tort Czar" that would oversee future claims against the company that are not just related to asbestos.

The asbestos group had previously filed a motion requesting formal committee status, but told the court today it was no longer pursuing that. The group has one representative on the case's unsecured creditors committee.

Later in today's hearing, a group of retired GM workers was expected to ask that they be granted their own committee, which would entitle them to have their legal fees paid by the automaker's estate.

By The Associated Press

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